...income statement, on the other hand, reports on the firm’s operations over a period of time, for example, over the last 12 months. It reports revenues and expenses that the firm has incurred over that particular time period. For example, the sales figures reported on the income statement for the period ending December 31, 2002, would represent the firm’s sales over the period from January 1, 2002, through December 31, 2002, not just sales for December 31, 2002. 2-4 The emphasis in accounting is on the determination of accounting income, or net income, while the emphasis in finance is on net cash flow. Net cash flow is the actual net cash that a firm generates during some specified period. The value of an asset (or firm) is determined by the cash flows generated. Cash is necessary to purchase assets to continue operations and to pay dividends. Thus, financial managers should strive to maximize cash flows available to investors over the long run. Although companies with relatively high accounting profits generally have a relatively high cash flow, the relationship is not...
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...Financial and Managerial accounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock holders, creditors, regulating authority and others. (Garrison, Noreen, & Brewer, 2010) On the other hand Managerial accounting is concern with providing information that deals with the internal viability of the organization and is tailored to meet the needs of an individual organization. (Albrecht, Stice, Stice, & Skousen, 2002) Managerial Accounting addresses those aspects that relates to an individual organization return on investments (ROI). (Albrecht, Stice, Stice, & Skousen, 2002) A company’s profitability depends on periodic attention to its assets turnover and profit margin. This process is designed to support the de... ... middle of paper ... ...egulator or auditor is going to insist that a company implement a good management accounting system. (Garrison, Noreen, & Brewer, 2010) The choice of how to collect and utilize information in a company is strictly management’s decision and is a part of the company’s competitive strategy. Financial and Managerial accounting are used for making sound financial...
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...BUS 630 Managerial Accounting Entire Course Week 1 to 6 Purchase here http://homeworkonestop.com/BUS%20630/bus-630-managerial-accounting-entire-course-week-1-to-6 Product Description BUS 630, Managerial Accounting WEEK 1 Written Assignment, Case 2B (Mendel Paper Company) Discussion 1, Ethics in Cost Control Discussion 2, Fixed and Variable Costs WEEK 2 Written Assignment Case 3A (Auerbach Enterprises) Discussion 1, Product Costs Discussion 2, Job Order Costing vs. Process Costing WEEK 3 Written Assignment Case 5A (Glaser Health Products) Discussion 1, Allocating Joint Costs Discussion 2, Variable/Absorption Costing WEEK 4 Written Assignment Case 6B (Chester & Wayne) Discussion 1, Budgeting Comments Discussion 2, Standard Cost System Journal Budgets and Employee Morale WEEK 5 Discussion 1, Capital Investment Evaluation Discussion 2, Ranking Investment Alternatives Written Assignment Case 9A (Middlehurst House) WEEK 6 Final Paper, Analyze the Role of Managerial Accounting Discussion 1, Evaluating Performance Discussion 2, Non value- Added Costs in a Doctor's Office BUS 630 Managerial Accounting Entire Course Week 1 to 6 Purchase here http://homeworkonestop.com/BUS%20630/bus-630-managerial-accounting-entire-course-week-1-to-6 Product Description BUS 630, Managerial Accounting WEEK 1 Written Assignment, Case 2B (Mendel Paper Company) Discussion 1, Ethics in Cost Control Discussion 2, Fixed and Variable Costs WEEK 2 Written...
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...ACC 202 Week 5 Assignment Final Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/acc-202-week-5-assignment-final-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Expand your analysis of a topic covered in chapters 10-16 into a 1 to 2 page APA style paper. Include your assessment of the topics’ application in managerial accounting. Include examples ACC 202 Week 5 Assignment Final Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/acc-202-week-5-assignment-final-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Expand your analysis of a topic covered in chapters 10-16 into a 1 to 2 page APA style paper. Include your assessment of the topics’ application in managerial accounting. Include examples ACC 202 Week 5 Assignment Final Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/acc-202-week-5-assignment-final-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories...
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...ADM 335 ACCOUNTING II: MANAGERIAL ACCOUNTING COURSE DESCRIPTION Managerial accounting involves the use of economic and financial information to plan and control many of the activities of the business entity and to support the management decision-making process. The main objective of this course is to explore the relevant issues of cost accounting. Hence, this course examines the acquisition, analysis, and reporting of accounting information from the perspective of effective management decision making, with special emphasis on the planning and control responsibilities of practicing managers. It also familiarizes the student with an electronic spreadsheet package found in today’s business world. TOPICS Topics to be covered in this course: • • • • • • • • • • • • • Managerial Accounting—Definition and Perspective Cost Terms, Concepts, and Classifications Job-Order Costing Process Costing Cost Behavior Analysis Cost-Volume-Profit Relationships Profit Planning and Budgeting Standard Costs and Variance Reporting Flexible Budgets Segment Reporting and Profitability Relevant Costs for Decision Making Statement of Cash Flows Financial Statement Analysis STUDENT—1 ACCOUNTING II: MANAGERIAL ACCOUNTING This syllabus has been developed by the faculty of the College of Business and Management at Cardinal Stritch University. © 2014 Cardinal Stritch University Syllabus Control Number: 061614 STUDENT—2 ACCOUNTING II: MANAGERIAL ACCOUNTING INTRODUCTION SYLLABUS FORMAT This...
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...Accounting Information for Managers To Make Better Decisions 1 Abstract This paper analysis how the accounting information would support the decision making process. The main goal of an accounting system is to provide financial information about the organization including financial situation and the performance of the organization. The decision makers should know the situation of the organization either by comparing competitors or previous periods’ performance in order to achieve the objectives of the company and this being possible by using accounting information. In addition, this thesis studies the importance of having effective and efficient accounting system to make better decision as it relates to increase the profitability target of an organization. Organizations should replace their weak accounting system in order to ensure that each team member in the Accounts Department is conscious of their role to produce good accounting information (1, Okoli Margaret). The result of this paper describes that providing right information to the right people in time via management reporting to maximize the use of reports in decision-making. 2 Introduction Any organization should survive and excel in the fast paced and ever changing market. We are living in the digital era so information can be found everywhere via websites, databases documents, reports, and emails. However, it’s important to read the historical data-set during decision making process but providing report in quick...
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...The Difference Between Managerial Accounting and Financial Accounting ACC 560 Term Paper In this term paper the author will discuss Managerial Accounting and the components of Managerial Accounting. The author will also compare the different components of financial accounting compared to managerial accounting. According to McGraw Hill, Managerial Accounting is concerned with providing information to managers, people inside an organization who direct and control its operations.” (Garrison & Noreen) Financial Accounting according to McGraw Hill “is concerned with providing information to stockholders, creditors and others who are outside an organization.” (Garrison & Noreen) In managerial accounting a wide variety of reports are prepared. Reports in managerial accounting focus on how well managers and businesses have performed. Most of these reports provide timely, frequent updates on information regarding when orders are received, sales, order backlog, and utilization. Also, according to McGraw Hill, “financial accounting is oriented toward providing a limited set of specific annual and quarterly financial statements in accordance to the Generally Accepted Accounting Principles (GAAP).” (Garrison & Noreen) Managerial Accounting does not have too followed the Generally Accepted Accounting Principles (GAAP). For this reason, managers set aside their own rules concerning the content and form of internal reports. The only...
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...ACC 561 Accounting Week 1 to 6, Assignment, WilyPLUS, DQ, Final Purchase here http://homeworkonestop.com/ACC%20561/acc-561-accounting-week-1-to-6-assignment-wilyplus-dq-final Product Description ACC 561 Accounting WEEK 1 Individual Assignment, Financial Statement Review Paper Individual Assignment, Wileyplus BE1-7, BE1-8, BE1-9 Discussion Question 1 and 2 WEEK 2 Individual Assignment, Sarbanes-Oxley Act of 2002 Individual Assignment, Wileyplus E13-5, E13-6, E13-8, E13-9 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 3 Individual Assignment, American Corporation Analysis Individual Assignment, Wileyplus BE15-5, E16-1, E17-9 Discussion Question 1 and 2 WEEK 4 Individual Assignment, WileyPLUS BYP17-2 Managerial Analysis Individual Assignment, Wileyplus BE18-1, BE18-7, BE18-11, E19-2 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 5 Individual Assignment, Costing Methods paper Learning Team Assignment, CVP and Break-Even Analysis Paper Individual Assignment, Wileyplus E20-2, E20-5, BE21-4, E22-5 Learning Team Deliverable Discussion Question 1 and 2 WEEK 6 Individual Assignment, Wileyplus E23-1, E23-2 Learning Team Summary Learning Team Reflection ACC 561 Final Exam WileyPLUS (30 Q & A) ACC 561 Final Exam 2 (30 Q & A) ACC 561 Final Exam 3 (54 Q & A) ACC 561 Final Exam 4 (54 Q & A) ACC 561 Final Exam 5 (54 Q & A) ACC 561 Final Exam 6 (52 Q & A) ACC 561 Final Exam 7 (45...
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...Introduction Since there are many definitions of management accounting, this paper will stick with the definition formulated according to the American Accounting Association. It defines accounting as a process of providing both financial and non-financial to decision makers. The varying nature of business characteristics implies that also techniques used in managerial accounting for each business differ as the business grows. During start up the business rely on capital investment and budgeting techniques. A mature business relies upon quality control and cost management. Techniques used ultimately assist the business to achieve its long-term and short-term aims via efficient decision-making. The objective of this paper is to study each concept available in the accounting definition and provide a framework needed for deep understanding of aspects and issues involved in the process of accounting. The paper will have two part. The first part will look at the first aspect that is to define managerial accounting and look at its role, techniques and ethical issues facing managerial accountant. We will also highlight the role of a managerial accountant. In the second part, three topics will be covered. The three topics are; cost investment techniques, budgeting, and quality control. In the selected topics, real-world cases will be presented in relation to how they relate to managerial accounting techniques. Managerial accounting is defined as process involving preparation of management...
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...ACC 122 Career Paper Managerial Accounting Managerial Accounting, also known as Cost Accounting, is defined as: “A branch of accounting that observes and calculates the actual costs of a company’s operations. It is the process of identifying, measuring, analyzing, interpreting, and communicating information in the pursuit of a company’s business goals. “ Farlex Financial Dictionary. (2012). Retrieved from: financial-dictionary.thefreedictionary.com/Managerial+Accounting Managerial accountants provide information to managers within a company. The managers then use the information to make decisions, prepare external reports, and budgets. They make decisions by analyzing the statements to evaluate performance and control costs in the most efficient way possible to meet the company’s goal. Managerial accountants must have a bachelor’s degree, in some places a master’s degree, and in some states be a CPA. Once a person becomes a managerial accountant they can work in an office or from home depending on the employer. With the rise in globalization, the need for managerial accountants familiar with international finance is also on the rise. Managerial accounting should not be confused with financial accounting as there are many differences between the two, outlined in the following table: Financial Accounting Managerial Accounting Must be accurate and timely Usually approximate but relevant & flexible Is compulsory under company law Except for few industries...
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...When someone says accounting the thought of the definition seems to be universal. What many don’t realize is that there are different kinds of accounting and different uses with those types. One major and different type of accounting other than the well-known financial accounting is managerial accounting. In the following paper I will discuss what managerial accounting is and how it’s used, the difference between managerial and financial accounting, the users of this accounting, ethics in accounting, and careers in managerial accounting. Managerial accounting is “the process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organization's goals” (Managerial Accounting Definition, 2003). Managerial accounting is also known as cost accounting (2003). Managerial accounting provides an organization with the financial data to perform descriptive analytics. The numbers don’t tell anything about the future, but they can be used to make decisions about the future. Without the numbers that managerial accounting provides no appropriate and good decision making would be being made. Managerial accounting is not like other accounting and major differences exist between managerial accounting and financial accounting. Although they work side by side, managerial accounting concentrates on helping people inside the organization, such as managers, make decisions while financial accounting focuses on providing information to people outside...
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...Business Accounting Financial And Business Accounting Print version essay is available for you! You can search Free Term Papers and College Essay Examples written by students!. Join Essays24.comand get instant access to Financial And Business Accounting and over 30,000 other Papers and Essays Category: Business Autor: anton 01 December 2010 Words: 1039 | Pages: 5 Financial accounting is defined as measuring and recording business transactions and providing financial statements that are based on generally accepted accounting principles. It focuses on external reporting. The purpose of financial accounting it to aid accounts in their function of overseeing an organizations financial assets. The central outputs of financial accounting are audited financial statements such as balance sheets and income statements. Financial accounting is geared toward providing information to parties outside the firm, for example prospective shareholders. By contrast, managerial account which measures and reports financial and non-financial information tat helps managers make decisions to abide by the goals of an organization. It focuses on internal reporting. The tools used by managerial accountants to meet their goal of decision support are such things as budgets, activity-based costing and financial planning. Managerial account is designed for internal use by firm’s managers. Cost accounting is a subset of the more inclusive area of managerial accounting. Cost accounting deals with...
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...(2003) Conservatism in Accounting Part I: Explanations and Implications Paper Review ACCT 3040 Advanced Accounting Theory and Practice Mr Terry Harris Conservatism is one of the fundamental principles of accounting and its application in financial accounting has recently become a highly controversial issue involving a variety of views as there is a desire for financial accounting information to be neutral. Conservatism has lasted in the accounting practice for many years and has become more popular over the past 30 years. In addition, Basu (1997) and Sterling (1970) made statements that lead us to believe that conservatism’s influence on accounting practice has been long and significant. Sterling (1970) argued that conservatism is the most influential principle of valuation in accounting agreeing with Basu (1997) who argued that it has influenced the accounting practice for at least 500 years. Professor Ross L Watts wrote two papers on the conservatism in financial accounting. Paper I sought to examine alternative explanations for conservatism in accounting and their implications for accounting regulators while Paper II is aimed at looking at the empirical evidence on conservatism, its consistency with alternative explanations and opportunities for future research. The paper under review is Paper I and the objectives of this paper are to discuss the explanations for conservatism and draw implications for regulation and standard setting. In this paper, it can be seen that...
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...Accounting in the Bible Abstract: This paper traces several accounting concepts in the Bible. In particular, the Bible discusses the objectives of accounting, internal control procedures and managerial accounting topics. This paper links the Bible to current accounting thought. The beginnings of modern accounting are commonly traced to Pacioli in the 15th century. Actually many of the fundamental ideas that underlie modern accounting may be traced much further back. The Bible, which is generally viewed as covering events between 1800 B.C. and 95 A.D., contains several references, both direct and indirect, to accounting and basic accounting concepts. In particular, it discusses financial accounting, internal control, and management accounting. The purpose of this paper is to discuss the Bible’s relationship to accounting thought. Financial Accounting One of the major purposes of accounting is to monitor the per-formance of management. In addition, accounting serves the purpose of insuring that the accounting entity is not defrauded either by its agents or by outsiders. The Bible discusses this in a negative way in 2 Kings 12:16 which says about the building of the Temple: “No accounts were kept with the men to whom the money was paid over to be spent on workmen since they were honest in their dealings.” This is virtually repeated in 2 Kings 22:7. We can infer from this that accounts would have been kept if the contractors were less than honest. Thus the Bible points out...
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...ACC 300 Entire Course To purchase this Tutorial click below link : http://homeworkgallery.com/index.php/product/acc-300-entire-course-2/ ACC 300 Week 1 – Individual Assignment – Chapter Two – Brief Exercises. ACC 300 Week 1 Individual Assignment Chapter 2: Brief Exercises BE2-8, BE2- 9, and BE2-10 ACC 300 Week 2 – Learning Team Assignment. In this excel file ACC 300 Week 2 Learning Team Assignment you will find overview of the following sheets: 1. Demonstration Case 2-1 2. Given Data DC2-1 3. Simplify with Spreadsheets 2-1 4. Given Data SS2-1 5. Coached Problem 2-1 6. Given Data CP2-1 7. Problem A 2-1 8. Given Data PA 2-1 ACC 300 week 2 dqs. What are the different bases of accounting? When would you use the cash basis? Accrual basis? Tax basis? Which one is better? Why? What are the financial statements? What does each one tell you? Which financial statement is more important? Why? How are the financial statements related? Why do these relationships exist? What is the impact of a miscalculation in the income statement on other financial statements? ACC 300 Week 3 – Individual Assignment Part I. In the work ACC 300 Week 3 Individual Assignment Part I you will find overview of the following parts: 1. Cash Basis – Income Statement 2. Accrual Basis – Income Statement ACC 300 Week 3 – Individual Assignment Part II. In this file ACC 300 Week 3 Individual Assignment Part II you will find overview of the following tables: ...
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